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Tax liability arising on cash received on birth occasion
cash received on birth occasion is it taxable or exempt?
Replies (4)
Quick Summary
If the total amount of gift on birthday occasion is more than 50,000 in a year than it is taxable.
If total cash gift is less than 50k then it will be exempt. if it exceeds 50k then whole will be taxed as per your slabs.
If it is less than 50000 rupees then not taxable
As rightly said the limit is 50k.
i assume that monies were gifted to the child. nevertheless it would be clubbed with the income of either of the parents
i assume that monies were gifted to the child. nevertheless it would be clubbed with the income of either of the parents
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